Linen Yarn Manufacturer Completes Construction

Apr 4 , 2020

Kingdom Linen Plc, a Chinese firm operating in Ethiopia, has completed the first phase of its investment project at Adama Industrial Park. The company intends to produce 5,000tn of high-grade linen yarn annually for export. The plant covers an area of 32ha. Started two years ago with 200 million dollars in investments, the company is expected to create jobs for 1,000 people when the first phase is completed. When it becomes fully operational, Kingdom, which is set to be completed in two phases, is expecting to hire 4,000 employees. The plant, which is expected to generate 45 million dollars a year in revenue, will also have an annual production capacity of 20,000tn of high-grade, wet-spun linen yarn.


Abyssinia Bank Taps to Digital Loan Solution

The Bank of Abyssinia (BoA) is moving forward to provide banking solutions facilitating microloans. The Bank has hired an Indian-based tech vendor Newgen Software Company, that bagged the international bid on December 22, 2022. Over 10 companies have shown interest in the bid floated by the bank four months ago. The solution provider has committed to completing the project in six months with Yonas Daniel, regional manager for Newgen, and Menbereselassie Gebrekidan, procurement director at Aby...



Bank of Abyssinia rolls out banking services on a truck around Meskel square in the capital. With less than half of Ethiopian adults having access to bank accounts, financial inclusion is a major issue. The central bank revealed in August 2022 that 8,944 commercial bank branches exist in the country. The 30 commercial banks currently in operation offer credit services to less than 400,000 customers charging an average of 17pc interest on asset-backed loans...



Left) Elias Woldu and Mesnbet Shinkute sign a Memorandum of Understanding on behalf of the Ethio-American and Addis Abeba Chamber of Commerce & Sectoral Association, respectively. Some estimates put the number of Ethiopian diaspora living abroad at over two million people, larger than the population of several small nations. Continued economic and political deprivation has forced many to leave the country for better opportunities. While migration to other countries is still high, the number...